Home Highlights May 2013 Year 2013 This

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1. Rebate u/s 88E - Rebate in respect of STT payment - rebate is admissible to the assessee only in respect of the income of an assessee in a previous year, chargeable...

2. MAT - deduction of Rebate u/s 88E while calculating the tax liability of the assessee for minimum alternative tax u/s 115JB - when the total income is assessed and the...

3. Rebate u/s 88E – deduction of STT paid from the income tax computed u/s 115JB at book profit - Rebate u/s 80E available to the assesse - AT

4. Tax rebate u/s 88E - MAT u/s 115JB - when tax chargeable on such income is arrived at & it is from that tax which is chargeable, the tax paid u/s 88E (STT) is given...

5. Whether rebate u/s 88E for STT paid has been allowed from tax payable under MAT u/s 115 JB - when the total income is assessed and the tax chargeable is computed, it is...

6. Whether rebate under Section 88E in respect of securities transaction tax is admissible in a case where the income is assessed under the concept of minimum alternative...

7. Benefit of input tax rebate - whether Xerox machines, office stationary, air conditioners, building equipments, security system for building qualify for the benefit of...

8. Rebate u/s 88E in respect of STT - rebate has to be calculated with respect to the income from derivative transaction included in the total income @ 30% subject to the...

9. Rebate u/s 88E of the STT paid while working out the tax under the provisions of Minimum Alternate Tax (MAT) as specified u/s 115JB - rebate u/s 88E had to be allowed...

10. Benefit of rebate on export of goods - availing the benefit of Notification No.93/2004-Cus - Once an export transaction has been used for seeking discharge of Advance...

11. Rebate u/s 88E - adjustment with MAT u/s 115JB - rebate as exigible under law u/s.88E would have to be allowed irrespective of whether the tax is payable under the...

12. Addition made towards profit in money market operations - in this case the physical delivery has not taken place and therefore the transactions of sale and purchase of...

13. Computation of MAT tax liability - the tax liability arising under normal provisions of the Act and u/s 115JB of the Act should be compared before allowing rebate u/s 88E - AT

14. Framework for utilization of Financial Security Deposit (FSD) available with Clearing Corporations and WDRA

15. Disallowance u/s 14A - Exempted income - proportionate disallowance of interest paid by the banks for investments made in tax free bonds/ securities which yield tax free...